Automated Trading Exchange System Having Integrated Quote Risk Monitoring and Integrated Quote Modification Services

1. An electronic trading system configured to automatically bypass message queue delays and communication delays for certain trading messages, the electronic trading system comprising: means for receiving and processing trading messages, the trading messages comprising quote messages, quote modification messages, and orders messages transmitted electronically through an electronic communications network from computers geographically remote from the means for receiving and processing trading messages; wherein the electronic trading system further comprises a message queue through which quote messages, quote modification messages, and order messages pass when received by the means for receiving and processing trading messages from the geographically remote computers; the means for receiving and processing trading messages further comprising: storage means for electronically storing received quote messages and order messages, wherein the quote messages belong to a quote group having an associated risk threshold; matching and execution means for matching received quote messages with received order messages and, upon the creation of a match, executing a trade based on the match; quote modification means for automatically and locally generating an exchange quote modification message for bypassing processing of quote messages, quote modification messages, and order messages received from the geographically remote computers, and inserting for immediate processing the exchange quote modification message upon identification of a quote modification event; wherein, upon the execution of the trade based on the match, the quote modification means determines a risk level corresponding to the trade and an aggregate risk level corresponding to the trade and other trades belonging to the quote group, compares the aggregate risk level to the risk threshold of the quote group, and identifies the quote modification event when the aggregate risk level exceeds the risk threshold of the quote group; and wherein the means for receiving and processing trading messages is further configured to process the exchange quote modification message by cancelling the received quote messages belonging to the quote group that are stored electronically in the storage means.